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Fees on Partially-Filled Orders


NoComment

Question

I'm either extremely unlucky or there is something amiss with the system here in regard to the fees charged on partially filled orders.

Not once, but for the second time since I began trading with IG I have had orders partially filled, in the amount of ONE share.  Today, when this occurred for the second time (4th part-filled order overall, but second with this specific issue I am addressing here), both of the my partially-filled orders amounting to ONE share were valued at $AU1.15 and $AU1.08, but  I have been charged commission and GST amounting to $AU5.00.  The same commission and GST is also applied when subsequent new orders were filled to bring the total allocation up to the number of shares originally ordered.

I understand that this is a small, even an insignificant amount when I consider the total value of my portfolio, but seriously, $AU5.00 in fees for approximately a $AU1.00 share on more than one occasion, something is not right there, surely.  

In both instances the order were stock-standard "day-limit" orders filled after the close of the ASX (ironically both transactions occurred at the exact same time, 16:46hrs (or 4.46pm AEDT although the debit to my account was slightly later) and the balance of the orders were subsequently deleted.

Is this an anomaly with the ASX, or simply over-zealous bean-counters at IG?  I'd love to know, as it's becoming frustrating... as I said, this is the fourth time overall for partially filled orders, although I at least received a significant amount of the shares ordered on other occasions, but the fact still remains that the commission and GST has been double-dipped in each instance.

Has anyone else had similar experiences, or have any knowledge of how / why this can repeatedly occur?  Any information would be greatly appreciated here, as there is nothing I've been able to find elsewhere on this site which would explain this anomaly.

Thanks!

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14 hours ago, NoComment said:

I'm either extremely unlucky or there is something amiss with the system here in regard to the fees charged on partially filled orders.

Not once, but for the second time since I began trading with IG I have had orders partially filled, in the amount of ONE share.  Today, when this occurred for the second time (4th part-filled order overall, but second with this specific issue I am addressing here), both of the my partially-filled orders amounting to ONE share were valued at $AU1.15 and $AU1.08, but  I have been charged commission and GST amounting to $AU5.00.  The same commission and GST is also applied when subsequent new orders were filled to bring the total allocation up to the number of shares originally ordered.

I understand that this is a small, even an insignificant amount when I consider the total value of my portfolio, but seriously, $AU5.00 in fees for approximately a $AU1.00 share on more than one occasion, something is not right there, surely.  

In both instances the order were stock-standard "day-limit" orders filled after the close of the ASX (ironically both transactions occurred at the exact same time, 16:46hrs (or 4.46pm AEDT although the debit to my account was slightly later) and the balance of the orders were subsequently deleted.

Is this an anomaly with the ASX, or simply over-zealous bean-counters at IG?  I'd love to know, as it's becoming frustrating... as I said, this is the fourth time overall for partially filled orders, although I at least received a significant amount of the shares ordered on other occasions, but the fact still remains that the commission and GST has been double-dipped in each instance.

Has anyone else had similar experiences, or have any knowledge of how / why this can repeatedly occur?  Any information would be greatly appreciated here, as there is nothing I've been able to find elsewhere on this site which would explain this anomaly.

Thanks!

IMG_9100.jpg

Hi @NoComment,

Effectively when order is partially filled the a commission will be deducted as an order went through.

You might want to change your expiry from "Day" to Good 'til cancelled"
image.png

You order won't close at the and of the trading day but will carry on until filled or cancelled on your end.

With Good 'til cancelled there is no commission or fee at the end of the trading day, you will be charged only if your order is fully executed.

I hope that it helps !

All the best - Arvin

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On 07/12/2021 at 12:17, ArvinIG said:

Hi @NoComment,

Effectively when order is partially filled the a commission will be deducted as an order went through.

You might want to change your expiry from "Day" to Good 'til cancelled"
image.png

You order won't close at the and of the trading day but will carry on until filled or cancelled on your end.

With Good 'til cancelled there is no commission or fee at the end of the trading day, you will be charged only if your order is fully executed.

I hope that it helps !

All the best - Arvin

 

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Arvin,

Thank-you for taking the time to answer my question, however this presents more questions, if I may:

  • In relation to the placement of orders, I am generally only able to place “Day” orders.  Whether using my laptop and accessing the IG website or my iPhone or iPad, using the IG app, and when saying generally, I would estimate that around 95% of orders I’ve placed, this has been the only option but occasionally the Good ‘til Cancelled has been available (regardless of exchanges I am buying shares from);
  • Further, I understand the operation of the markets outside trading hours, and only mentioned the time of the shares reaching my account as it was “coincidentally” the exact same time in both instances;
  • Finally, my real issue, my complaint if you like, is the quantity of shares… it seems unethical, whether within the regulatory guidelines or not, to purchase a single share.  Would it not be appropriate to determine a minimum number of shares which can be purchased to satisfy a partial-fill of an order?  I can’t imagine any client would be disagree, in the circumstances I have outlined;
  • That said, I appreciate your explanation, albeit not really addressing the key issue about which I was frustrated.  That is obviously as I hadn’t explained my concern precisely, putting forward too many “moving parts”, ie. partially filled orders, fees and commission being changed twice (and I agree, there are in fact two transactions on my part when this issue has occurred), the significant discrepancy between the value of the share and the value of the commission and GST incurred, the actual allocation of a single share, and that the purchase of single shares was around 20 - 25% of the cost of the fees incurred; I would respectfully suggest that a system which allows for the purchase of single shares in this value metric is somewhat amiss, but will take my grievance to IG support rather than continuing here, as being unable to place anything but a “Day Limit” order is another issue which requires clarification,

Again, thank-you for taking the time to assist. 
Regards, 

Karen

 

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18 hours ago, NoComment said:

Arvin,

Thank-you for taking the time to answer my question, however this presents more questions, if I may:

  • In relation to the placement of orders, I am generally only able to place “Day” orders.  Whether using my laptop and accessing the IG website or my iPhone or iPad, using the IG app, and when saying generally, I would estimate that around 95% of orders I’ve placed, this has been the only option but occasionally the Good ‘til Cancelled has been available (regardless of exchanges I am buying shares from);
  • Further, I understand the operation of the markets outside trading hours, and only mentioned the time of the shares reaching my account as it was “coincidentally” the exact same time in both instances;
  • Finally, my real issue, my complaint if you like, is the quantity of shares… it seems unethical, whether within the regulatory guidelines or not, to purchase a single share.  Would it not be appropriate to determine a minimum number of shares which can be purchased to satisfy a partial-fill of an order?  I can’t imagine any client would be disagree, in the circumstances I have outlined;
  • That said, I appreciate your explanation, albeit not really addressing the key issue about which I was frustrated.  That is obviously as I hadn’t explained my concern precisely, putting forward too many “moving parts”, ie. partially filled orders, fees and commission being changed twice (and I agree, there are in fact two transactions on my part when this issue has occurred), the significant discrepancy between the value of the share and the value of the commission and GST incurred, the actual allocation of a single share, and that the purchase of single shares was around 20 - 25% of the cost of the fees incurred; I would respectfully suggest that a system which allows for the purchase of single shares in this value metric is somewhat amiss, but will take my grievance to IG support rather than continuing here, as being unable to place anything but a “Day Limit” order is another issue which requires clarification,

Again, thank-you for taking the time to assist. 
Regards, 

Karen

 

76FFA6DC-78BB-442E-A129-1BBB33EB9F45.jpeg

Hi Karen @NoComment,

The expiry "Good 'til Cancelled" is only available when the market is open to trade (trading hours). If you want to place an order before or after market hours the option won't be available as the order is a direct market order.
I understand your point of view on the partial fill and not being able to set a minimum amount to partially fill an order. 
Placing a GTC expiry would eliminate partial fills.
Feel free to contact our helpdesk at helpdesk.au@ig.com, via phone or live chat.

All the best - Arvin

 
 

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4 hours ago, NGW said:

I’ve only joined IG this week and have had this exact same scenario today. An £8 fee for a partially filled order of 1 share! If this is the norm I think I’ll be going back to HL!

Hi @NGW,

As mentioned above the commission is applied per trade. A partial fill is still considered a trade. You might wand to change the expiry in this case.
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All the best - Arvin

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On 16/12/2021 at 08:44, ArvinIG said:

Hi @NGW,

As mentioned above the commission is applied per trade. A partial fill is still considered a trade. You might wand to change the expiry in this case.
image.png

All the best - Arvin

Your advice is in correct. If your order expiry is "good till cancelled", and you execute a partial sale at the end of a trading day, you will still be charged full commission, and again every time you have a partial fill on the same order. IG is the only broker Ive encountered that does this.

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14 hours ago, fxlapt said:

Your advice is in correct. If your order expiry is "good till cancelled", and you execute a partial sale at the end of a trading day, you will still be charged full commission, and again every time you have a partial fill on the same order. IG is the only broker Ive encountered that does this.

Hi @fxlapt,

Any transaction/ trade will occur a commission as above table.

image.png

To completely eliminate any partial fill you can chose the execute & eliminate, but it is possible that your order is not completely filled. Otherwise you will need to buy the stock at current price if the quantity is available to avoid partial fills.

If you need further assistance feel free to reach out to helpdesk.uk@ig.com or use the live chat feature on our website.

All the best - Arvin

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